黑牛食品股份有限公司 2014 年第三季度报告正文 证券代码：002387 证券简称：黑牛食品 公告编号：2014-059 黑牛食品股份有限公司 2014 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人林秀浩、主管会计工作负责人何玉龙及会计机构负责人(会计主管人员)吴玟瑄声明：保证 季度报告中财务报表的真实、准确、完整。 1 黑牛食品股份有限公司 2014 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,101,752,773.06 | 1,799,328,336.02 | | 16.81% | | 归属于上市公司股东的净资产 | 1,3 ...

Financial Performance - The company's revenue for the first half of 2014 was CNY 255.76 million, a decrease of 16.63% compared to CNY 306.77 million in the same period last year[19]. - The net profit attributable to shareholders was CNY 7.29 million, a significant increase of 2,174.66% from CNY 320,294.92 in the previous year[19]. - The net cash flow from operating activities was negative CNY 103.46 million, representing a decline of 124.01% compared to negative CNY 46.18 million in the same period last year[19]. - Basic and diluted earnings per share were both CNY 0.0233, an increase of 2,230.00% from CNY 0.0010 in the previous year[19]. - Total assets at the end of the reporting period were CNY 1.86 billion, an increase of 3.19% from CNY 1.80 billion at the end of the previous year[19]. - The net assets attributable to shareholders were CNY 1.37 billion, a slight increase of 0.53% from CNY 1.36 billion at the end of the previous year[19]. - The overall beverage industry in China experienced a slowdown in growth during the first half of 2014, impacting the company's performance[26]. - The company achieved operating revenue of CNY 255.76 million, a decrease of 16.63% compared to the same period last year[29]. - Net profit attributable to shareholders was CNY 7.29 million, with total assets at CNY 1.857 billion and net assets at CNY 1.37 billion[29]. - Operating costs decreased by 19.63% to CNY 162.27 million, while sales expenses were reduced by 29.09% to CNY 50.73 million due to no new product launches[30]. - Management expenses increased by 31.30% to CNY 35.95 million, primarily due to higher wages and social security costs[30]. Strategic Initiatives - The company plans to focus on product structure adjustment and inventory clearance to address the challenges in the beverage industry[26]. - The company plans to launch new products targeting students and young professionals, including a 330ML yogurt drink and upgraded peanut and walnut milk products[32]. - The solid product line will see new soy milk powder and improvements in sesame paste and walnut powder packaging and flavors[32]. - The company completed adjustments to solid products, enhancing the quality of oatmeal series by using premium Australian oats[32]. - The second quarter saw the development of 4,899 solid terminal stores, improving product distribution and sales efficiency[32]. - The company is exploring both organic growth and external expansion strategies, including potential mergers and acquisitions[37]. - The company’s innovative product upgrades in plant protein beverages are expected to effectively expand market capacity[36]. Investment and Funding - The total amount of raised funds is CNY 86,351.11 million, with a cumulative investment of CNY 89,084.79 million[46]. - The company has committed to investment projects totaling CNY 28,495.9 million, with a cumulative investment of CNY 29,031.89 million[48]. - The company’s investment in the Yangling annual production of 15,000 tons of soy milk powder project has reached 100% completion[48]. - The company’s investment in the Anhui double protein liquid soy milk project has also achieved 100% completion[48]. - The company reported a cumulative investment of 600,529,053.82 CNY in projects as of June 30, 2014, with no new investments in the first half of 2014[49]. - The company has invested 163,135,245.25 CNY in the Suzhou Double Protein Liquid Milk Project, which is currently under development[49]. Shareholder and Equity Information - The company did not distribute cash dividends or issue bonus shares during this reporting period[5]. - The company implemented a profit distribution plan for the year 2013, distributing cash dividends of 0.1 yuan per 10 shares, totaling 3,129,729.72 yuan[58]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[61]. - The total number of common shareholders at the end of the reporting period was 17,235[100]. - The largest shareholder, Lin Xiuhua, holds 43.41% of the shares, totaling 135,855,000 shares, with a decrease of 11,565,000 shares during the reporting period[100]. - The second-largest shareholder, Xu Peikun, holds 4.70% of the shares, totaling 14,720,000 shares, with a decrease of 4,000,000 shares[100]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[102]. Operational and Management Changes - The company underwent a board restructuring on May 22, 2014, with several key management changes, including the election of Lin Xiuhua as Chairman[105]. - The company’s subsidiary, Anhui Black Cow, reported a net profit of 6,411,441 CNY, while other subsidiaries showed varying performance, with some reporting losses[54]. - The company decided to dissolve its subsidiary, Chengdu Heiniu, due to prolonged project delays and to reduce financial impact[91]. - The Liaoning Heiniu subsidiary ceased operations on May 12, 2014, due to property requisition for urban redevelopment[92]. Financial Health and Stability - The overall financial health of the company remains stable, with a focus on maintaining equity levels and managing profit distributions effectively[132]. - The company has maintained a consistent equity structure, with no major changes in accounting policies or prior period adjustments noted[130]. - The company reported a significant cash flow decrease from operating activities, with a net cash flow of -CNY 103.46 million, a decline of 124.01%[31]. - The company has not encountered any issues related to the disclosure of fundraising information or management violations[49]. - The company has ensured that minority shareholders have opportunities to express their opinions and protect their rights[59]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the relevant accounting standards[146]. - The company’s accounting policies ensure that the financial reports accurately reflect its financial position and operating results[147]. - The company recognizes financial instruments based on their purpose, categorizing them into various types such as trading financial assets and liabilities, held-to-maturity investments, and available-for-sale financial assets[161]. - The company assesses impairment of financial assets, recognizing losses for available-for-sale financial assets when there is a significant decline in fair value[169]. - The company applies a straight-line depreciation method for fixed assets, with depreciation rates determined based on asset category, estimated useful life, and estimated residual value[189].

Financial Performance - The company's revenue for Q1 2014 was ¥159,661,682.81, a decrease of 25.35% compared to ¥213,866,120.56 in the same period last year[9] - Net profit attributable to shareholders was ¥6,468,278.83, down 42.81% from ¥11,311,057.02 year-on-year[9] - Basic and diluted earnings per share were both ¥0.021, a decrease of 41.67% from ¥0.036 in the same period last year[9] - Total operating revenue for Q1 2014 was CNY 159,661,682.81, a decrease of 25.3% compared to CNY 213,866,120.56 in the previous period[42] - The company's net profit for Q1 2014 was not explicitly stated, but the decrease in revenue and costs indicates a challenging financial environment[42] - The total profit for Q1 2014 was CNY 7,982,841.56, down from CNY 14,205,412.85 in the previous year, marking a decrease of around 43.5%[44] Cash Flow - The net cash flow from operating activities was -¥102,895,043.94, representing a decline of 228.44% compared to -¥31,328,762.03 in the previous year[9] - The company's operating cash flow for Q1 2014 was negative CNY 102,895,043.94, compared to negative CNY 31,328,762.03 in the previous year, indicating a worsening cash flow situation[53] - Cash inflow from operating activities totaled ¥62,865,658.75, while cash outflow was ¥122,738,332.09, leading to a negative cash flow from operations[56] - The net increase in cash and cash equivalents was -¥73,987,262.12, compared to an increase of ¥195,213,520.78 in the previous year[58] - The ending balance of cash and cash equivalents was ¥77,677,819.10, down from ¥428,189,929.43 at the end of the previous year[58] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,802,305,711.52, a slight increase of 0.17% from ¥1,799,328,336.02 at the end of the previous year[9] - Total liabilities amounted to CNY 433,029,944.70, a slight decrease of 0.1% from CNY 436,520,848.03 in the previous period[35] - Non-current assets totaled CNY 1,094,900,172.46, an increase of 1.5% from CNY 1,083,701,116.02 at the beginning of the period[35] - The company's total current assets decreased slightly from 715,627,220.00 yuan at the beginning of the period to 707,405,539.06 yuan at the end of the period[31] Shareholder Information - The total number of shareholders at the end of the reporting period was 16,015, with the largest shareholder holding 47.1% of the shares[12] - The net profit attributable to shareholders for the first half of 2014 is expected to range from 6.5 million to 8.5 million yuan, representing a year-on-year increase of 1,929.35% to 2,553.76%[26] Investment Activities - The company received a total of 158.8 million yuan in compensation for land expropriation, with 67.8 million yuan received on February 17, 2014, and 91 million yuan on April 18, 2014[21] - The total cash outflow from investment activities was 208,080,720.14 yuan, an increase of 64.64% compared to the previous period, primarily due to payments for land acquisition[20] - The company successfully acquired state-owned land use rights for a total price of 366,843,821.78 yuan[21] Financial Expenses - The company reported a significant increase in financial expenses by 235.37%, from ¥1,079,262.33 to ¥3,619,565.12, due to interest accrual on corporate bonds[19] - The company's financial expenses increased to CNY 3,930,298.24 in Q1 2014 from CNY 1,959,624.78 in the previous year, representing an increase of about 100%[47] Inventory and Receivables - Accounts receivable increased by 186.99%, from ¥14,655,311.48 to ¥42,058,852.20, attributed to extended credit terms for quality customers[17] - The company’s inventory decreased from 155,248,543.93 yuan to 138,836,510.59 yuan, indicating improved inventory management[31] - The company’s receivables increased significantly, with accounts receivable rising from 14,655,311.48 yuan to 42,058,852.20 yuan[31] Other Information - The company did not conduct an audit for the first quarter report[58] - The subsidiary, Shenyang Heiniu Investment Co., Ltd., has expanded its business scope to include project investment management and real estate development[22]

Financial Performance - The company's operating revenue for Q1 2014 was ¥159,661,682.81, a decrease of 25.35% compared to ¥213,866,120.56 in the same period last year[6] - The net profit attributable to shareholders was ¥6,468,278.83, down 42.81% from ¥11,311,057.02 year-on-year[6] - The net cash flow from operating activities was -¥102,895,043.94, representing a decline of 228.44% compared to -¥31,328,762.03 in the previous year[6] - The basic earnings per share decreased by 41.67% to ¥0.021 from ¥0.036 in the same period last year[6] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,802,305,711.52, a slight increase of 0.17% from ¥1,799,328,336.02 at the end of the previous year[6] - The company's cash and cash equivalents decreased by 62.25% to ¥155,520,561.43, primarily due to payments for land acquisition[13] - Accounts receivable increased by 186.99% to ¥42,058,852.20, attributed to extended credit terms for quality customers[13] - Prepayments surged by 281.73% to ¥312,993,996.50, mainly due to payments for land acquisition[13] - The company's financial expenses rose by 235.37% to ¥3,619,565.12, primarily due to interest accrual on corporate bonds[14] Investment Activities - The total cash outflow from investment activities was 208,080,720.14 CNY, an increase of 64.64% compared to 126,388,240.70 CNY in the previous period, primarily due to payments for land acquisition in Shenyang[16] - The net transaction price for the acquired land use rights was 366,843,821.78 CNY, with the company receiving compensation payments of 67,800,000 CNY on February 17, 2014, and 91,000,000 CNY on April 18, 2014[17] Future Projections - The expected net profit attributable to shareholders for the first half of 2014 is projected to be between 650,000 CNY and 850,000 CNY, representing an increase of 1,929.35% to 2,553.76% compared to 32.03 CNY in the same period of 2013[22] - The increase in net profit is primarily attributed to a decrease in expenses, as the previous period had significant investments in modern channel construction[22] Corporate Governance and Compliance - The company’s wholly-owned subsidiary has changed its business scope to include project investment management, real estate development, and rental of self-owned properties[18] - The company has fully complied with its commitments regarding employee housing fund contributions, ensuring no losses incurred due to compensation claims[20] - The company will actively monitor the remaining compensation payments related to the land acquisition and fulfill its disclosure obligations[17] - The company’s board of directors has authorized the subsidiary to participate in the bidding for state-owned land use rights, which was approved in the first extraordinary shareholders' meeting of 2014[19] - The company has not engaged in any securities investments during the reporting period, with no holdings in other listed companies[23]

Financial Performance - The company's operating revenue for 2013 was CNY 697,156,325.35, a decrease of 8.61% compared to CNY 762,873,353.81 in 2012[21] - The net profit attributable to shareholders for 2013 was CNY 14,570,765.26, down 73.64% from CNY 55,274,081.42 in the previous year[21] - Basic earnings per share for 2013 were CNY 0.05, a decrease of 72.22% from CNY 0.18 in 2012[21] - The weighted average return on equity for 2013 was 1.07%, down from 4.12% in 2012[21] - Operating profit fell to 13.08 million RMB, a decline of 81.41% compared to the previous year[33] - Net profit decreased by 73.64% to 14.57 million RMB[33] - The total operating cost was CNY 402,294,720.75, reflecting a year-on-year decrease of 19.69%[51] - The gross profit margin for the food and beverage manufacturing sector was 37.87%, which represents a decline of 3.53% from the previous year[51] Cash Flow and Investments - The net cash flow from operating activities increased significantly to CNY 112,181,660.22, a rise of 643.28% compared to CNY 15,092,707.22 in 2012[21] - The cash flow from financing activities saw a significant increase of 175.12%, totaling CNY 307,912,985.44, attributed to the issuance of bonds worth CNY 270 million[49] - The cash and cash equivalents decreased by 62.10%, resulting in a net decrease of CNY 54,127,117.40, primarily due to reduced sales revenue[49] - The company made significant investments totaling CNY 246 million during the reporting period, a 2360% increase compared to the previous year's CNY 10 million[63] - The company has committed to invest a total of CNY 28,495.9 million in various projects, with a cumulative investment of CNY 29,031.89 million, achieving a 100% investment progress[68] Product Development and Market Strategy - New product development included low-sugar and no-sugar series, with a total of 10 new items launched[35] - The company aims to restore market share through sales policy guidance and channel upgrades[34] - The company plans to expand its product line with new liquid products, including yogurt drinks and flavored soy milk, after the completion of the Suzhou project[61] - The company is focusing on product innovation to cater to younger consumer groups, shifting from holiday gift purchases to daily consumption, thereby expanding its market reach[83] - The company is aligning its product development with national dietary guidelines, emphasizing the health attributes of its products to meet consumer needs[80] Risk Management - The company highlighted risks including food safety and project investment risks in its future outlook[11] - The company has implemented strict quality control measures in procurement, production, and sales to mitigate food safety risks associated with raw materials[85] - The company has set up a dedicated subsidiary in Heilongjiang for soybean procurement to enhance risk management capabilities[85] Shareholder and Governance - The company plans to distribute a cash dividend of CNY 0.10 per 10 shares to all shareholders[4] - A cash dividend of CNY 0.1 per share (including tax) was proposed, totaling CNY 3,129,729.72, which represents 21.48% of the net profit attributable to shareholders[94] - The cash dividend policy has been consistently applied since the company went public, ensuring transparency and communication with minority shareholders[91] - The company has fully performed its commitments made to minority shareholders since the stock listing[116] - The company’s stock incentive plan was terminated, leading to an accelerated expense recognition of 2,674,918.40 yuan, impacting net profit[108] Subsidiaries and Regional Performance - The total revenue for the subsidiaries in the reporting period reached approximately ¥65.07 million for 揭东县黑牛食品工业有限公司, ¥81.34 million for 辽宁省黑牛食品工业有限公司, and ¥267.26 million for 安徽省黑牛食品工业有限公司, indicating a diverse revenue stream across different regions[76] - The company reported a net profit of ¥4.26 million for 揭东县黑牛食品工业有限公司 and ¥5.99 million for 辽宁省黑牛食品工业有限公司, while 安徽省黑牛食品工业有限公司 achieved a net profit of ¥8.43 million, showcasing strong profitability in key subsidiaries[76] Employee and Management Structure - The company employed a total of 2,154 staff, with 1,155 in production roles, 466 in sales, and 302 in administration[174] - The age distribution of employees shows that 38% are under 30 years old, 43% are between 30-40 years, and 16% are between 41-50 years[172] - The company has maintained a stable management team, with key positions held by individuals with long tenures, such as Lin Xiuhua and Lin Xiuhai, who have been with the company since 2002 and 2011 respectively[156] - The company has a diverse board with members holding various positions, including 5 vice presidents and 3 independent directors, ensuring a broad range of expertise[156] Internal Controls and Compliance - The company has established an internal control system in accordance with laws and regulations, ensuring that the total assets and total revenue of the evaluated units accounted for 100% of the consolidated financial statements[196] - The internal control self-evaluation report was fully disclosed on April 8, 2014, with no significant defects found in non-financial reporting internal controls[199] - The company has implemented a major error accountability system for annual report disclosures to enhance the quality and transparency of financial reporting[200]